The Open House Project from The Sunlight Foundation

Movement on Building an Online TARP Database

December 2nd, 2009 by Daniel Schuman · No Comments

The Hill this morning has a short story on HR 1242, which it describes as “mandating that the Treasury Department create a real-time electronic database of information related to the bailout.” The House is expected to approve the measure, sponsored by Reps. King and Maloney this week.

Real-time? Online? Nice. It would be nice to get those lobbying disclosures updated, too.

Here’s the CRS summary of the legislation:

Amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to provide to the Special Inspector General of the Troubled Asset Relief Program (TARP), the Comptroller General, and the Congressional Oversight Panel ongoing, continuous, and close to real-time updates of the status of funds distributed under EESA through a standardized electronic database that combines all of the necessary information from existing public and private sources to track the status of the funds distributed under the Act.

Requires the Secretary also to: (1) compare the data in such database with any other data for any activities that are inconsistent with EESA purposes; and (2) collect from all federal agencies any regulatory filings, internal models, financial models, and analytics associated with the financial assistance on at least a daily basis in order to help the Secretary to determine the effectiveness of TARP in stimulating prudent lending and strengthening bank capital.

Directs the Secretary, if TARP goals are not being met, to work with the federal agencies supplying the information to have them provide the recipients with recommendations for better meeting such goals. Requires the Secretary, furthermore, to adjust the future uses of TARP assistance if such goals are not met even following such recommendations.

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